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LONDON: Differentials for Urals were unchanged on Tuesday but Azeri Light jumped after a sale at a much stronger level for the grade, while the paper market suggested a strong bounce for Kazakh CPC Blend.
* Socar sold Azeri Light via tender at the end of last week for second half May loading. Traders said cargo was sold around dated Brent plus $2.50 but further details could not be confirmed.
* About a week ago, Azeri was at around a discount of $2.50 to dated Brent.
* Hellenic Petroleum issued a buy tender for either Russian Urals or Kazakh CPC Blend for May 17-19 or 26-28 arrival. The tender closes on Wednesday.
* Traders said the revised CPC programme for May revealed a smaller reduction than expected but despite this the Contract-For-Differences (CFDs) for the grade firmed.
* A CFD for CPC was offered at minus $3.50, much higher than previous levels well below minus $4 barrel, indicating a stronger market.
PLATTS WINDOW
* There was no deals, bids or offers in the Platts window.
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(Reporting by Julia Payne. Editing by Jane Merriman) ((julia.payne@thomsonreuters.com; +44 207 542 1836;))